11/30/13

China's Sepco lowest bidder for Saudi power plant | Reuters

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China's Sepco lowest bidder for Saudi power plant

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* Sepco III with $2.44 bln lowest bid for power plant * Plant to generate 2,400 MW KHOBAR, Saudi Arabia, May 29 (Reuters) - A group led by China's Sepco III Electric Power Construction Corp has made the lowest bid of $2.44 billion to build a 2,400 megawatt power plant in Saudi Arabia, two industry sources said on Saturday. The group, which also includes Saudi Arabia's Al-Arrab Contracting Co, is bidding for the project in Ras Azzour, on the Gulf coast. The project is integrated with a water desalination facility with a daily capacity of over 1 million cubic metres.

A $2.86 billion bid from Spain's Iberdrola (IBE.MC) and Saudi partner Arabian Bemco Contracting Co came second, a source said declining to be identified. South Korea's Doosan Heavy Industries (034020.KS) came third with a bid of $2.91 billion while South Korean Hyundai Engineering & Construction (000720.KS) bid with Siemens (SIEGn.DE) and Saudi Services for Electro Mechanic Works Co Ltds at $3.7 billion, two sources said. Japan's Sasakura Engineering Co, with South Korea's Samsung Engineering (028050.KS), had made the lowest bid of $1.89 billion to build the desalination plant. [ID:nLDE64A0WL] Fuhaid bin Fahd Al-Sharif, governor of the state-controlled Saline Water Conversion Corp (SWCC), told Reuters in October the cost of the giant power and desalination project is expected to be 20-25 percent below initial estimates. The project had been estimated to cost $6 billion when Japan's Sumitomo Corp (8053.T) was leading a consortium to build and operate the plant. SWCC will take 1 billion litres of the plant's water production. Saudi Arabian Mining Co (Maaden) 1211.SE would take 1,350 MW and 1,050 MW would be allocated to Saudi Electricity Co (SEC) 5110.SE. (Reporting By Reem Shamseddine; editing by Firouz Sedarat and Jason Webb)
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